"I think they are making progress but the task of building what they have to build is sufficiently large that it is going to take quite a while," Mr Stevens said in Canberra.

He said the stronger euro zone economies needed to continue to support weaker economies like Greece or Spain, despite growing opposition in some countries to bailout packages.

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"It has to be done because if the stronger countries were to just give up on the weaker ones it would rebound on them through other channels. Their banks have had exposures, (and) the German economy has done well over the years by selling to other parts of Europe," he said.

"I suppose the task for the political leaders, and it's not an easy one, is to help people see how intertwined these things are and this is why the course of action they are choosing is the best one to take even though it costs them."